A. BRADLEY NELSON
Chief Marketing Officer Sotheby's International Realty
AVIEWFROM SANFRANCISCO The past year was unprecedented on many fronts, with unexpected shifts in housing demand. But to paraphrase one of San Francisco?s most famous visitors, the death of the city has been greatly exaggerated. Luxury buyers sought larger, quarantine-friendly homes while investors captured low interest rates, mirroring trends explored in this report. And while condos faced a difficult summer, they may have turned a corner; our brokerage recorded two $9 million+ downtown condo deals in the last two months. While the value of a ?luxury?property varies widely around the world, in San Francisco the benchmark price is generally $3million or more. According to the San Francisco MLS, the number of new listings over $3million increased substantially in 2020 compared to 2019, totaling more than 700. Sales of luxury homes grew by more than 10%, bolstered by a price per square foot that fell slightly to a still-remarkable $1,244.
Year-over-year increase in the number of luxury listings in San Francisco, per SFAR MLS.
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In the ultra-luxury market, the San Francisco MLSreported 14 sales over $10 million, up from 13in 2019. The most expensive changed hands in Sea Cliff for $24 million, while two others sold for over $20 million. As in past years, the majority of sales over $10 million occurred in Pacific Heights and Presidio Heights. These neighborhoods remain prominent in sales over $3million, joined by substantial volume in Cow Hollow, the Marina, Eureka Valley, and Noe Valley. The last two areas also saw the largest fraction of sales over asking price (around 28%, compared to fewer than 20%elsewhere). Following on the heels of this strong market, we continue to see a variety of attractive listings brought to market at the start of 2021. We invite you to explore them all at sothebysrealty.com.
JEFFREY GIBSON
ARCHITECTURAL MASTERPIECE
Jeffrey Gibson Executive Vice President & Brokerage Manager Sotheby's International Realty 117 Greenwich St. | San Francisco, CA 94111 415.296.2200
150 Glenbrook Avenue San Francisco $19,50 0,0 0 0
PHOTO CREDIT: JACOB ELLIOTT
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Commanding panoramic views from an advantageous point on Mount Sutro, 150 Glenbrook Avenue holds the iconic and singular position of San Francisco?s highest private residence above sea level. Atop one of the city?s famed seven hills can be found an alchemy of site and design from the groundbreaking studio of John Maniscalco Architecture.